At 49.7 points, PMI contracts economic activities in July 2024, says CBN
The Central Bank of Nigeria (CBN) has disclosed that the Composite Purchasing Manager’s Index (PMI) stood at 49.7 points in July 2024, indicating contraction in economic activities for the 13th consecutive month.
CBN in its PMI survey report had reported 48.8 points in June 2024
According to the report, output Level, suppliers’ delivery time and stock of inventory expanded. New Orders and Employment contracted at a slower rate compared to the levels recorded in the previous month.
The sectoral breakdown shows that the Services Sector recorded expansion for the second consecutive month while the Industry and Agricultural Sectors registered slower contraction when compared to the level recorded in the previous month.
“Within the Industry Sector, the Manufacturing, Construction and Mining & Quarrying; Electricity, Gas & Water Supply Subsectors all recorded contractions in the review month.”
The report stated that composite output Index stood at 50.3 points in July 2024, indicating growth in production level for the first time after five consecutive months of contraction.
“Of the 36 subsectors reviewed, 16 subsectors reported growth in production during the review month, while 17 subsectors registered a decline with Transportation Equipment reporting the highest decline. The remaining three subsectors were stationary.
“In July 2024, the composite level of New Orders index at 48.8 points, indicated contraction in the volume of new incoming businesses/orders.
“Of the 36 subsectors reviewed, 25 subsectors reported declines in New Orders with Chemical & Pharmaceutical Products recording the highest decline. While nine subsectors reported increased level of New Orders in the review month, Cement and Forestry however, were stationary.”
